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John Mauldin

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John Mauldin is a renowned financial expert, a New York Times best-selling author, and a pioneering online commentator. Each week, over 1 million readers turn to Mauldin for his penetrating view on Wall Street, global markets, and economic history.

October 13th, 2019 | Our Nuts Are in Danger

Thoughts from the Front Line - Life would be so much easier if we didn’t have to worry about our financial futures. Though I suppose we don’t have to worry. Animals don’t. Squirrels instinctively store away nuts and thus live through winter without much thought. We humans have retirement winters, and we’re more sophisticated than squirrels. We generally outsource the job […]

Thoughts from the Front Line - I’m filing this letter on the day I turn 70 which, among other things, means I start receiving Social Security benefits this month. The good news, at least for me, is I am getting a whale of a deal from Social Security compared to later generations. Frankly, I was surprised at my monthly benefit amount, […]

September 29th, 2019 | Quantum Economics

Thoughts from the Front Line - I often say a writer is nothing without readers. I am blessed to have some of the world’s greatest. Your feedback never fails to inspire and enlighten me. Last week’s That Time Keynes Had a Point letter brought many more comments than usual. Apparently Keynes is still provocative 73 years after his death, no matter […]

September 22nd, 2019 | That Time Keynes Had a Point

Thoughts from the Front Line - “Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.” ―John Maynard Keynes I begin with this Keynes quote because, while true, […]

September 15th, 2019 | Black Hole Investing

Thoughts from the Front Line - Scientists say the rules change in a cosmic “black hole” at what astrophysicists call the event horizon. How do they know that? Not by observation, since what happens in there is, by definition, un-seeable. They infer it from the surroundings, which say that the mathematics of the universe as we understand them change at the […]

Thoughts from the Front Line - “The best way out is always through.” —Robert Frost “History doesn’t repeat itself, but it does rhyme.” ―Mark Twain It will not shock you when I say we live in confusing times. Odd, seemingly inconsistent events and decisions don’t bring the expected results. Once-reliable rules don’t work. This makes it hard to chart a personal […]

September 1st, 2019 | Volatile Year Coming

Thoughts from the Front Line - We have reached Labor Day weekend which, in the US, is a holiday for honoring work and workers. If you’re a Baby Boomer like me, you also grew up knowing school was about to start again. We didn’t do the mid-August thing back then. The first day of school was the day after Labor Day. […]

August 25th, 2019 | Digging a Hole to China

Thoughts from the Front Line - Good news: The trade war is over. No, it’s getting worse. Or maybe it is ending but it could start again tomorrow. Confused? All of the above were true at various points in the last few weeks. Markets bounced around in reaction. And we are still no closer to knowing how it will all end. […]

August 18th, 2019 | What I Learned at Camp Kotok

Thoughts from the Front Line - I am back from my 14th annual Maine fishing camp and the mood was decidedly different this year. The private event at Leen’s Lodge is generally called Camp Kotok in honor of David Kotok of Cumberland Advisors who started these outings many years ago. CNBC and others began calling it the “Shadow Fed” but it […]

Thoughts from the Front Line - I have a special treat for you. I’m at Camp Kotok, the annual economics/fishing retreat in Maine. Knowing internet connectivity would be scarce here, I asked good friend Larry Kotlikoff to be your guest writer this week. For those who don’t know, Larry is a Boston University economist whose work spans an amazing breadth of […]

Thoughts from the Front Line - One reason the economy is so fascinating is the way things just… happen. Growth blossoms if everyone just follows their own incentives and nothing gets in the way. The courage, vision and passion of entrepreneurs and those who risk their money backing them is one of the most inspiring aspects of modern civilization. Adam Smith’s […]

July 28th, 2019 | Money of the Future

Thoughts from the Front Line - As I work on my book about the future, I think a lot about the ways possible events will affect our money. But I’m also thinking about something else: What kind of money will we use? The answer might seem obvious: dollars, euros, yen, all the government-issued fiat currencies that are the economic water in […]

July 21st, 2019 | Recession Rumbles

Thoughts from the Front Line - I’m often asked if recession is coming, and for quite different reasons. Some people worry about their investments. Others are worried about their employment or their kids. Political types wonder if and how recession could affect the next election. To all those people, for quite some time now, my answer has been: “Yes, but not […]

Thoughts from the Front Line - This is the final letter of the six-part series of my reply to Ray Dalio’s essays. Here are some links to help you wrap it all together. Ray’s original letter: Why and How Capitalism Needs to Be Reformed, Parts 1 and 2 His follow-up: It’s Time to Look More Carefully at ‘Monetary Policy 3 (MP3)’ […]

Thoughts from the Front Line - “The belief that wealth subsists not in ideas, attitudes, moral codes, and mental disciplines but in identifiable and static things that can be seized and redistributed is the materialist superstition. It stultified the works of Marx and other prophets of violence and envy. It frustrates every socialist revolutionary who imagines that by seizing the so-called […]

Thoughts from the Front Line - This week is the fourth in a series of five open letters responding to a series of essays by Ray Dalio, the founder of Bridgewater Associates. His original letters are Why and How Capitalism Needs to Be Reformed, Parts 1 and 2 and It’s Time to Look More Carefully at ‘Monetary Policy 3 (MP3)’ and ‘Modern […]

Thoughts from the Front Line - Two weeks ago I started a mini-series in the form of an open letter responding to a series of essays by Ray Dalio, the founder of Bridgewater Associates. I wrote here and here that he was kinda, sorta wrong in Why and How Capitalism Needs to Be Reformed, Parts 1 and 2 but really, really wrong in It’s […]

Thoughts from the Front Line - Last week we started a mini-series in the form of an open letter responding to a series of essays by Ray Dalio, the founder of Bridgewater Associates. I wrote that he was kinda, sorta wrong in Why and How Capitalism Needs to Be Reformed, Parts 1 and 2 but really, really wrong in It’s Time […]

Thoughts from the Front Line - “The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist.” —John Maynard Keynes […]

Thoughts from the Front Line -   Modern technology was supposed to make travel less necessary. We can meet by phone, video, and now in virtual reality. But we’re still traveling more than ever. I certainly am. The reason is simple: Technology can’t yet replace face-to-face conversation, and especially group conversations. It is genetically hardwired in our species. We spend more […]

May 19th, 2019 | Takeaways from the SIC

Thoughts from the Front Line - There are these two young fish swimming along, and they happen to meet an older fish swimming the other way, who nods at them and says, “Morning, boys, how’s the water?” And the two young fish swim on for a bit, and then eventually one of them looks over at the other and goes, “What […]

Thoughts from the Front Line - One difficulty in analyzing our economic future is the sheer number of potential crises. When so much could go wrong (and really right, when the exponential technologies I foresee get here), it’s hard to isolate, let alone navigate, the real dangers. We are tempted to ignore them all. Ignoring them is usually the right response, […]

Thoughts from the Front Line - My recent letters described what I think the future will look like. I hasten to add, it isn’t what I think the future should look like or what I want to see. Almost the entire developed world has painted itself into a corner. It won’t necessarily be terrible. I don’t expect another Great Depression or […]

Thoughts from the Front Line - The US, Europe, and most of the developed world on are the road to Japanification. Like I wrote last week, we will see financial repression, ever increasing deficits, slower growth, etc. Essentially, the rest of us will begin to look like Japan with its astronomical deficits and ultra-dovish monetary policy. I tried to emphasize this […]

Thoughts from the Front Line - “But the emperor has nothing at all on!” said a little child. “Listen to the voice of innocence!” exclaimed his father; and what the child had said was whispered from one to another. “But he has nothing at all on!” at last cried out all the people. The emperor was suddenly embarrassed, for he knew […]
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